Quail Ridge at 2005 Quail Ridge Drive in Plainsboro — Courtesy: JLL
By Joshua Burd
A massive garden apartment complex in Plainsboro is on the market for sale, according to brokers with JLL, with the potential to draw offers of more than $300 million.
Located at 2005 Quail Ridge Drive, the 1,032-unit property sits on nearly 52 acres less than four miles from Route 1 and adjacent to the Meadows at Middlesex Golf Course. Brokers noted that the 54-building complex is 93 percent occupied, touting the strength of the submarket with its highly affluent population, top-rated school system and proximity to downtown Princeton and Princeton University.
JLL also highlighted what it says is value-add potential for a property where about 10 percent of the apartments have been renovated and now command premiums of some $260 per month. That allows for an investor to continue with updates to capture attractive returns in a high-barrier-to-entry market.
The firm’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce are marketing what’s known as Quail Ridge on behalf of the would-be seller, working alongside Gerard Quinn of the team’s financing group.
“With over 1,000 units at the property, there is a constant inherent value-add opportunity,” JLL wrote in its marketing materials, while noting that average asking rent in Plainsboro has risen by more than 40 percent since 2019. That includes an average year-over-year growth of 6.7 percent.
The offering comes eight years after Kushner acquired the property from Angelo Gordon and Candlebrook Properties LLC for $190 million. The HFF office that would become JLL’s New Jersey capital markets team also brokered the transaction, which was ranked as a top 20 deal nationally in a list of multifamily investment sales in 2017.
JLL noted this week that Quail Ridge has amenities such as a 24-hour fitness center, two swimming pools, a sundeck, tennis and basketball courts and two playgrounds, among others. Current ownership has “invested significant capital” into the property in recent years, the firm said, pointing to a new leasing center, renovations to the fitness center and club house and replacing roofs on over more than 50 percent of the buildings.
Kushner Cos. buying Plainsboro rental complex for $190 million